From 1970 to 1982, Wellink worked at the Dutch Ministry of Finance. He rose through the bureaucracy to become Director General of Financial and Economic Policy. He also held the post of Treasurer General. In 1982, he became Executive Director of De Nederlandsche Bank, the central bank of The Netherlands. In 1997, he was named president of the bank. On 1 July 2011 his second term as president of DNB ended. In 2000, Wellink became a member of the Trilateral Commission. Nout Wellink's career has also been criticised. Under his supervision some serious problems arose in the Dutch banking sector where DNB's actions have become under scrutiny by Dutch parliament:
The bankruptcy of Landsbanki which bank was awarded a banking permit in 2008 whilst the Banque de France had supposedly rejected a French banking permit. Formally Banque de France later on stated that they never received request from Icesave for permit as a "credit institution" but it was allowed to progress with its pending business in France. Later that same year Landsbanki went bankrupt and was nationalized by the Icelandic government.
The bankruptcy of DSB in 2009 which bank was awarded a banking permit by DNB in 2005. Subsequent analysis showed that at the time the banking permit was awarded DSB's risk management still had serious flaws and also the continuity of its business model was deemed risky. Based on a plan of improvement and appointment of a supervisory board DNB issued the permit. After the demise of DSB it turned out that the supervisory board had little influence on the behaviour of its CEO Mr. Dirk Scheringa, the planned improvement of its risk management was far behind schedule and the change of its businessmodel also wasn't implemented.
In 2007 Fortis, Banco Santander and RBS successfully purchased ABN Amro with the plan to split the bank into different pieces. Though a major system bank and pivotal for the Dutch economy DNB approved the takeover. In 2008 it turned out that Fortis was hurt badly by the credit crisis which ultimately led to nationalization of both Fortis and ABN Amro by the Dutch and Belgian government. the Dutch parliament researched this action and DNB's actions were highly criticized.
From 2006 through 2011, Wellink was chairman of the Basel Committee on Banking Supervision. BCBS examines and proposes ways to reconfigure global banking regulations. Wellink's point of view is not fixed, encompassing the premise that "a resilient banking system is central to sound financial markets and growth. Supervisors cannot predict the next crisis but they can carry forward lessons from recent events to promote a more resilient system which can weather shocks, whatever the source."
Selected works
Wellink published works include books and articles.
President's speech
, with Bryan Chapple and Philipp Maier
Jonge wijn in oude zakken : op weg naar een nieuwe Nieuwe economie''
